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FellowTraders.com Review Visit site

Updated: Jan 5, 2015
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2 REVIEWS
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Australia,
Feb 19, 2008,
Guest

Fellow Traders is another website created by Peter Parsons selling his RangeTrader which was posted in this website but I can`t find it anymore so it may have been removed for some reason. One reason I think is that Peter was severelly cricised by one of his ex customers and may I say it was justified.
This Fellow really IS deluded! Not only that his EA`s do not work they lose you money for sure. On top of that the EA is very unstable and when upgraded to newer EA it is just very risky while you are in several trades as you have to remove old EA in order to place updated EA into MA4. This involves closing MA4 while in open trades, sometine up to 10 {ten).
STAY AWAY! is the best advice. I have many screenshots to prove my point. I was never in credit entire two weeks of teting. Thers are other problems but this will suffice.
Nandi
England,
Jan 29, 2008,
Guest

Forex RangeTrader Phase Two is a Metatrader Expert Asssistant, marketed by Fellowtraders. It trades completely automatically – just leave your computer turned on and reap the rewards!

The idea is that this system makes multiple trades (a claimed average of 25 trades per day), 96.4% of which are profitable. The profitable trades are small and the losing trades much larger, but the sheer volume of winning trades results in excellent profits overall – “up to 15% per month”.

I have run the software on a demo account for two weeks, on the recommended EUR/USD pair. The account ran really well for the first 4 days, increasing the account to $5,800 with no losing trades, but then recorded 17 losing trades in a 3-day period, dropping the account to $3,250. The account has since recovered to $4.185 (after a total of 850 trades) but is currently showing the same warning signs that were present before the last losing run – an ever-increasing loss on open trades.

The Fellowtraders site includes a report from their demonstration Metatrader account, updated weekly. I was therefore interested to see what they would record for the losing week. Strangely, their record (supposedly straight from Metatrader) only recorded 5 losing trades in a week where my account recorded 17. This is all the more strange since the dates and times of all the trades they report match my demo account trades exactly – down to the minute (as you would expect from an entirely automated mechanical system). The only difference is that most of the losing trades on my account do not appear on theirs. I wonder why.

It is also strange that the total number of losing trades indicated on the summary for the Fellowtraders account is 21 (the same as on my demo account, which I coincidentally opened at almost exactly the same time as theirs), but if you add up the losing trades in the published detailed report there are only 7 trades present. Where did the 12 missing (and losing) trades go?

Furthermore, it just doesn’t seem possible for this system to be profitable – even on the information provided by Fellowtraders. They claim a 96.4% profitability ratio as measured by numbers of trades, and that seems entirely possible. But based on their demo account, at the time the losses occurred the profitable trades were all exiting with a profit of $17.40 whilst the losing trades were each recording a loss of $725. Over a run of 100 trades, with an average 96.4% win ratio, you could therefore expect to see a total profit of $1,677 from the winning trades, but the losing trades would total $2,610. Ouch!

They are condemned by their own numbers. What we have here, I fear, is a system which any of us could devise (and many of us probably have) – a mechanical system which is profitable for long runs of trades, but which quickly becomes a very unprofitable system when the inevitable losing run strikes. The one blessing of the RangeTrader system is that it makes so many trades in such a short time period that the killer losing runs will very likely occur during the money-back guarantee period (assuming Fellowtraders honour their guarantee), and hopefully before too many people try the system on a real-money account.

Fellowtrades also market other systems from their site. I have no experience of these, but given the RangeTrader results I won’t be rushing to buy anything else from them.